Professional News

By Sonny Grover, CPA; Darren Guillot; and Rick Meyer, CPA, MBA, MST You can’t say we didn’t warn you! It’s the season for IRS Employee Retention Credit (ERC) exams — yes, right during tax season, when you have nothing better to do. Have you or your clients heeded all the warnings and lifelines that

By Gary Thomson, CPA “The more things change, the more they stay the same” is a familiar cliché. To me, however, it is applicable to the state of our profession. When I began my career as an associate at Arthur Andersen, our managing partner shared the top challenges facing the profession: the

Everyone has unconscious biases. Recognizing your own can help you make informed, ethical decisions in the workplace. Unconscious biases are snap judgments we make about people and situations based upon years of subconscious socialization, according to the Harvard T.H. Chan School of Public Health

An engagement letter is critical to the success of any CPA. To help protect yourself and your firm, make sure your letter has these eight elements. By Deborah K. Rood, CPA, MST One of the best tools a CPA can (and should) consistently employ to help manage their professional liability risk is an

The 2023 National Management of an Accounting Practice (MAP) Executive Summary (PDF) includes extensive information on accounting firm performance. But data is only useful to the profession unless it elicits change. One way CPA firm leaders can incorporate key MAP Survey takeaways is to include them

By Peter Kwon, CPA It’s payday — time to go shopping! You fire up the laptop and log in to your online checking account at Silicon Valley Bank. You quickly realize that your funds are frozen and that you do not have access to any of your hard-earned money to pay the bills. Deficiencies in risk

CPAs working in tax should be aware of revisions and additions to the AICPA’s Statements on Standards for Tax Services (SSTSs) effective Jan. 1. By Vivian J. Paige, CPA, CGMA CPAs in Virginia who are tax professionals are subject to a variety of rules, including the requirements of the AICPA Code of

A variety of legislation was passed by the Virginia General Assembly in 2023. The below items all went into effect on July 1, 2023, unless otherwise noted. For a full report on all the changes, as this list is not all-inclusive, read the “ 2023 Legislative Summary ” (PDF) from the Virginia

After last year’s rolling income tax conformity legislation, it’s our first time in two decades without pushing for emergency tax conformity. By Emily Walker, CAE Virginia legislators convened on the Richmond capital on Jan. 10 for a long, 60-day session. This year finds lawmakers, staff, lobbyists

In the fall, we announced a VSCPA first: the acquisition of revered tax education provider Don Farmer, CPA, PA. Some of you may wonder: Why would the VSCPA decide to make this move? What was the impetus behind the acquisition and why? For a few years, the VSCPA Board of Directors has had a task